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Online retail industry undergoing evolution to meet demands of consumers

Press release August 18, 2014 Online retail industry, online retail market, online retailing industry

The report provides an essential overview of the global online retail market, highlighting the largest and fastest growing online markets across the globe.

Retailers have understood the need to connect with users on multiple channels and touch points simultaneously and sometimes even interchangeably. The online retail industry has undergone many changes, including providing customers the ability to interact and complete transactions on their own terms. Enabling the Omni channel retailing, the vendors have started to provide their users flexibility to shop online, purchase and shipping their orders as and where it is required. With more than 65% of consumers in the US research a product online first before purchasing in-store, despite the fact that consumer spending is still recovering due to economic turmoil globally, stores are actually venturing into new countries without any previous footprint.

This report, Global Online Retailing, 2013-2018 - Market Dynamics, Online Trends and Competitive Landscape, gives a comprehensive view of the global online retail landscape, including current market sizes and category forecasts up to 2018,and highlights the world’s fastest growing markets and category groups.

Mobile wallets will be ruling the online retail industry

Mobile online stores are expected to get a huge chunk of payments in the coming years. The payments are expected to reach USD 90 billion and retailers will stride towards adopting solutions like Google Wallet, PayPal, Dwolla and Square Wallet. To cite an instance, Pizza Express developed mobile applications that have allowed its diners to view menu, book tables and pay their bills through PayPal. Therefore, if the user is in a hurry to leave, they can still eat and settle their bills with just few taps.

UK the world’s most developed online retail market

The UK is the world’s most developed online retail market, and is currently placed just ahead of the US mainly because of its high volume of online sales per capita, significant online market share, and openness to online business, and total retail sales. The country’s retail market share between 2007 and 2012 has grown more than any other nation.

China became the world's largest online retail consumer

With ecommerce sales reaching USD 300 billion in 2013, the China online retail market has surpassed the US as the world’s largest online retail consumer space. It has been forecasted that Chinese online retail sales could account for more than 20% of the nation's annual economic growth within 10 years. Since China’s economic rise has coincided with the Internet revolution, it has been able to completely reform the retail landscape and unleash new vendors and innovation in the sector.

Market overview

The online retail industry has evolved and become more efficient. The companies have been able to create elaborate logistics, supply chains, marketing and IT service systems that are better when dealing with supply and demand globally, especially in developing economies that had been previously weak. However, market experts also fear that the rapid growth might lead to a dearth of skilled talent and would result in higher labor costs.

For further insights,

Visit: Online retail industry undergoing evolution to meet demands of consumers

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SOURCE: Researchonglobalmarkets.com

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Online retail industry, online retail market, online retailing industry


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